How Hybrid Work & Learning More Than Doubles Global Video Conference Market to $19 Billion
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Global Video Conferencing market is growing at a high CAGR because of the growth of the cloud computing sector as well as the emerging trend of mobile endpoints and video conferencing infrastructure. However, the risk of technical issues may act as a huge restraining factor for market growth.
A recent study conducted by the strategic consulting and market research firm,?BlueWeave Consulting, revealed that the Global Video Conferencing market was worth USD 8.1 billion in the year 2021. The market is projected to grow at a CAGR of 13.2%, earning revenues of around USD 19.2 billion by the end of 2028. The global?video conferencing market?is booming because of the expanding cloud computing sector and the emerging trend of mobile endpoints and video conferencing infrastructure. However, the technical issue's risk may be a huge restraining factor for the market growth.
Expanding Cloud Computing Sector and the Emerging Trend of Mobile Endpoints and Video Conferencing Infrastructure
The market for video conferencing is being driven by the increasing use of cloud-based solutions. Numerous video conferencing companies, including Google LLC, Microsoft Corporation, and Zoom Video Communications Inc., have introduced technologically cutting-edge cloud-based videoconferencing solutions to create an improved application for users in response to the sudden rise in video conference meetings. The solutions increase market revenue by enabling consumers to download the application on many platforms, including smartphones, tablets, and computers.
Due to its capacity to increase productivity and reach, businesses have been seeing an increase in demand for video conferencing endpoints and infrastructure solutions for communication purposes. Customers have always favored mobility over other options in every business. Mobile video communication and mobile video conferencing are extremely popular among all types of end users, ranging from industrial and enterprise end users to social end users, as a result of the contemporary era's growing tendency toward mobility. For cloud solution providers, the move toward mobile video conferencing presents better business potential in the form of new income streams and markets. In order to facilitate security, assignments, and maintenance for mobile video conferencing, clients must invest in Mobile Device Management (MDM), better data plans, and Mobile Access Management (MAM).
Employee productivity is substantially hampered by a lack of effective communication tools. Additionally, noisy or poor-quality videos can lead to misconceptions or make workers spend more time on the task. Additionally, poor video streaming quality and interruptions during video conferences can severely hamper productive teamwork. Furthermore, a lot of individuals are annoyed by the poor video quality and other interruptions that happen during video conferencing. These factors act as a challenge for the video conferencing market.
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Segment Coverage
Based on enterprise size, the market is segmented into small and medium enterprises and large enterprises. Due to their propensity to employ video conferencing systems for cross-border business communications, large enterprises have held a significant revenue share. As a result, the key market participants are concentrating on creating products that can satisfy the requirements of multinational corporations. Google LLC unveiled Google Workspace for businesses in 2020 as an improved video conferencing platform. Email, chat, voice, and video calls, as well as content management, are all included in the set of communication and collaboration capabilities. Over the coming years, it is anticipated that the Small and Medium Enterprises (SMEs) category will have a noticeable CAGR as these companies begin to understand the value of collaboration and conferencing, particularly in light of the COVID-19 epidemic. Various market participants are creating tactics to take advantage of this market sector and earn a competitive advantage.
Region Insights
Due to the greater adoption rate in the area, North America held a sizable revenue share in the global video conferencing market. The market is anticipated to increase as a result of the rising demand for high-quality internet and visual meeting services. Additionally, the strong regional presence of several key competitors and the expanding popularity of Bring Your Own Device (BYOD) solutions, which have increased demand for webcams and headphones, are propelling market expansion. The adoption of new work styles by regional firms is anticipated to drive growth in the Asia Pacific video conferencing market. Additionally, the development of mobile broadband technologies, such as WiMAX and High-Speed Downlink Packed-Access (HSDPA) networks in nations like India and Japan, would hasten the market's expansion.
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Impact of COVID-19 on Global Video Conferencing Market
During the pandemic, demand for video conferencing increased dramatically. The pandemic-related implementation of the work-from-home policy has accelerated the market's growth. The adoption of video conferencing solutions by governments and other organizations to stop the transmission of viruses has accelerated market expansion. In the upcoming years, the market is probably going to experience booming growth. At the moment, institutions in the fields of healthcare, telecommunication, media and entertainment, utilities, and government work around the clock to stabilize the situation and provide necessary services to everyone via video conferencing.
Competitive Landscape
Key players operating in global Video Conferencing market are Avaya, Inc., AVer Information, Inc., Blue Jeans Network Inc., Cisco Systems Inc., Huawei Technologies Co. Ltd., Logitech International S.A., Microsoft Corporation, Panasonic Corporation, Polycom Inc. (Plantronics Inc.), Zoom Video Communications, Inc., Adobe Systems Incorporated., Atlassian Corporation Plc., JOYCE CR, S.R.O., LogMeIn, Inc., Vidyo, Inc., Visual Systems Group, Inc. (VSGi), West Corporation, ZTE Corporation, and other prominent players. The key market participants place a strong emphasis on updating current product portfolios through the introduction of new products and solutions.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Video Conferencing market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Video Conferencing market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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